EUR/USD - Important support at 1.2187 held firm yesterday, which kept the correction from 1.2160 alive. I'm still looking for this correction to ideally reach the 1.2362 - 1.2404 area before blue wave iv is over. As I have stated all along, we should expect this blue wave iv to be a shallow but complex correction, which it most certainly have been. However once this correction is done we should see the next decline down towards 1.2105 and more likely 1.1985.
NZD/USD - Tried to break support at 0.7926 without success and we are now at strong resistance near 0.8018 which should be the top for wave ii. A break below 0.7977 will now be the first indication that wave ii is over, but we need a break below 0.7919 to confirm that wave ii is done and a decline to strong support at 0.7857 is under way.
EUR/JPY - The shallow and complex wave iv correction is still ongoing and I'm still looking for one last rally towards 79.96 before the fifth a final decline towards the ideal target near 94.58 takes over.
EUR/NZD - Even though we broke above minor resistance at 1.5425 yesterday the possible rally was no success and we have seen a new low at 1.5301, which keeps the downtrend from 1.6969 alive for a decline closer towards the ideal target at 1.5245.
Short term it will take a break above 1.5450 to ease the downside pressure, but only a break above 1.5505 will confirm that a bottom is in place for a rally towards at least the 1.5808 - 1.5885 area, but I will look for a much bigger rally longer term.
Dow Jones Industrial Index - With the break above 12,830 we knew that we should see a move closer to 12,961 and maybe even 13,028 before we can expect renewed downside pressure.
Shanghai Composite - Ended red wave iii yesterday at 2,138 just above the ideal target near 2,118. We should now be looking for red wave iv towards 2,236 before red wave v will be ready to take over for a decline towards at least 2,123 but more likely the 2,048 - 2,074 area.
Gold - Did break below 1,571 to confirm that wave ii was done at 1,599 and we should now be looking for the next decline towards 1,547 and likely a test of important support at 1,521 fairly soon.
Short term I will be looking for one last spike into the 1,582 - 1,585 area followed by a break below 1,575 to confirm the next part of the decline towards 1,547.
Crude Oil - Is working it's way higher towards the 90.87 target, but the rally from 83.65 is looking increasingly tired and we should expect a top any time now for a break below 88.57 as first indication that the top is in place, while a break below 87.41 will confirm the top for a new decline towards 83.65 and the long term target near 72.00.
Looking at above PIC of Blue wave 2 ( very simple ), it was decided wave 4 going to be far far complex, indeed it is.
ReplyDeleteI can feel it is going to your count 1.236+ area..
Ray
I am still looking for possible count on gbp/usd ........is really the wave c of abc zigzag is going to 1.5905...........REally a concern Because in earlier post you mentioned maintain your short positions on gbp/usd does not matter if it is oversold...........But it is a possible count..........Would you again update because I think abc expanded flat is finished around 1.5740 But still if there is room then you can update
ReplyDeleteThanks